The Fantom Foundation has announced its commitment of up to 200 million FTM tokens to support the launch of Sonic, the network’s latest iteration. In a recent blog post, the Fantom Foundation stated that its treasury aims to accelerate the immediate adoption of decentralized apps (dApps) and other partners to the Sonic network. Sonic is a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum (ETH). The Foundation emphasized that this allocation underscores its dedication to creating “a robust and dynamic platform and community.” They added, “Sonic’s ambition is nothing less than reinventing the future state of blockchain, empowering visionary creators of today to develop the decentralized applications of tomorrow, and enabling our community to actively co-create a vibrant, global cooperative ecosystem. With strategic investments in top-tier infrastructure providers and cutting-edge on-chain tooling, we are poised to offer unparalleled support to developers and users alike. The forthcoming grants will empower both incumbent Fantom projects and leading applications native to the new Sonic network. This is the first of many initiatives we intend to launch in the lead-up to the launch of Sonic, a new network capable of up to 200 million transactions a day, redefining the limits of the industry. We invite you to join us on this journey as we lay the foundation for this ecosystem and participate in the rise of Sonic.” The Foundation also stated that the first step of the allocations is to “prioritize strategic grants for applications from within the current Fantom ecosystem and identify the leading applications that have shown interest in the Sonic technology.” As of the time of writing, FTM is trading at $0.58. Subscribe to get email alerts delivered directly to your inbox. Check Price Action. Follow us on Twitter, Facebook, and Telegram. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/houchi
